Ola reports consolidated revenue of Rs 1,970 crore; losses mount to Rs 1,522 crore

Ola has reported FY22 financial numbers.

ANI Technologies-owned Ola on August 9 reported a consolidated revenue of Rs 1,970.42  crore during the financial year 2022 (FY22), up nearly 100 percent year-on-year (YoY), showed filings sourced from the Registrar of Companies (RoC).

In FY21, Ola reported a consolidated revenue of Rs 983 crore.

The company reported a consolidated loss of Rs 1,522.3 crore in FY22, up by around 36.3 percent YoY mainly on account of a rise in its overall expenses. In FY21 Ola reported a loss of Rs 1,116 crore.

The firm’s total expenses were at around Rs 3,362 crore, up by around 67.5 percent year on year.

Ola’s employee benefit expense which includes expenses such as salaries and wages, contribution to Provident Fund, and staff welfare was recorded at Rs 552 crore in FY22 as against Rs 436 crore in FY21.

ANI Technologies operates multiple subsidiaries including Ola Electric, Pickup.ai, Ola Fleet Technologies, Ola Financial Services and outside India operations like Ola Singapore Pte Ltd and in other regions including the USA and France.

Its EV subsidiary, Ola Electric, recorded an operating loss of $136 million on a revenue of $335 million in the last FY22 which concluded in March, as per a Reuters report.

The losses reported by the startup also come at a time when its investors are marking down their fair value of Ola.

On August 1, Vanguard cut the fair value of ANI Technologies, the parent company of ride-hailing platform Ola, for the second time in three months, effectively valuing it at less than half of its previous valuation.

Vanguard, which holds 166,185 shares of Ola or about 0.7 percent stake in the company, has pegged the fair value of its stake at $25,038,000, down from its acquisition cost of $51,748,000, the AMC's regulatory filings showed.

Uber India, which directly competes with Ola’s cab aggregation business, reported a rise in revenue of 7 percent to Rs 396.5 crore. Uber’s total loss fell to Rs 216.42 crore, from Rs 333.89 crore in FY21.